Instinet operating profit up 28%, with record US equity market share.
Normalised profit before tax down 17% to £227 million, reflecting increased investment in the business transformation programme.
Normalised EPS of 10.4p (12.8p).
Interim dividend up 5% to 3.85p.
Strong balance sheet and cash generation.
Cost saving programmes accelerated and increased, supporting future profitability. Reuters headcount to be reduced by 1,100 over two years.
New organisation to drive revenue growth.
Tom Glocer, Chief Executive, said:
This is a sound set of results reflecting a resilient core business. We are accelerating the business transformation programme and taking new actions to drive profit growth in the slower market conditions we expect to continue through the end of the year. At the same time, we are establishing a new organisation to focus intensively on our strategic goals and on our customers to drive future revenue growth.
It is reassuring that Reuters has once again proved able to capture shareholder value in volatile stock markets through the successful IPO of our Instinet subsidiary in May.
I salute Peter Job on his retirement from the Group. His record of achievement over 10 years as Chief Executive and 38 in total at the Company stands as a testament to his skill, leadership and commitment to Reuters.
